Beleaguered Ethereum Traditional (ETC) blockchain suffered one more 51% assault on August 29. The most recent assault prompted the reorganization of over 7,000 blocks and this corresponds to roughly two days of mining. On the time of reporting, it was not clear if there had been any double-spending as was the case within the final assault. In that assault, it was reported that the Okex exchange suffered a lack of $5.6 million instantly because of this.
An announcement revealing the assault provides that “all lost blocks will be removed from the immature balance and we will check all payouts for dropped transactions.”
In the meantime, of their preliminary feedback on the newest assault, builders engaged on ETC are attributing ongoing assaults to the community’s recognized vulnerabilities.
“ETC is ~3% of the overall ETH network hash rate. We are well aware of potential repeated attacks while solutions such as “reorg caps” and the following ECIPs are being examined and evaluated. When you haven’t already please enhance (which most have) please elevate confs above ~10Ok,” reads a Twitter assertion from the primary ETC staff.
Moreover, the assertion urges miners, exchanges, and different service suppliers to maintain “confirmation requirements levels well above 7k for now.”
In the meantime, the timing of the newest assault is definite to boost eyebrows. The most recent community assault, which is the third time this has occurred in a month, occurred shortly after some neighborhood members had introduced the addition of two new Ethereum Traditional Enhancements Proposals (ECIP).
Proposed by Enter-OutputHK, the primary ECIP introduces a checkpoint system to stop the potential of one other assault whereas the second proposes a decentralized treasury.
Nevertheless, following the final assault, the ETC neighborhood had been break up on the way in which ahead and significantly over the second proposal. After heated exchanges, it seems the Charles Hoskinson’s camp, which favors the controversial proposition, has prevailed.
Apparently, nevertheless, information of the newest assault seems to have had a bit impact on the ETC price. On the time of writing, the ETC traded at $6.71 marginally down from the $6.74 at across the time the breach was found.
Nonetheless, there’s a actual risk that some exchanges will delist the token following this assault. Okex has already said that it’s going to “consider delisting ETC, pending the results of the Ethereum Classic community’s work to improve the security of its chain.” The most recent assault would possibly now power the exchange to behave on the risk.
Do you assume the ETC neighborhood is doing sufficient to cease these assaults? Share your ideas within the feedback part.
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